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April

PCC holds April 2018 meeting

Apr 27, 2018

At its April 20, 2018, meeting, the Private Company Council (PCC) discussed the FASB’s projects on collaborative arrangements, targeted improvements to related-party guidance for variable interest entities, cloud computing, share-based payments, and revenue recognition.

The next PCC meeting is sched­uled for June 26, 2018. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

FASB proposes targeted improvements to the accounting for collaborative arrangements

Apr 26, 2018

The FASB has issued a proposed Accounting Standards Update (ASU), “Collaborative Arrangements (Topic 808): Targeted Improvements.”

Enhancements made by the pro­posed ASU would include the following:

  • The addition of unit-of-account guidance to ASC 808 to “align with the guidance in [ASC] 606 (that is, a distinct good or service) limited to when an entity is assessing the scope of [ASC] 606.”
  • Clarification that “certain transactions between collaborative participants should be accounted for as revenue under [ASC] 606 when the collaborative participant is a customer in the context of the unit of account.”
  • Clarification that, “in a transaction that is not directly related to sales to third parties, presenting the transaction as revenue would be precluded if the collaborative participant counterparty is not a customer.”

Com­ments on the pro­posed ASU are due by June 11, 2018. For more in­for­ma­tion, see Deloitte's Heads Up newsletter as well as the pro­posed ASU on the FASB’s Web site.

SEC updates EDGAR filer manual

Apr 26, 2018

The SEC has updated volume II of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

The update revises Forms Funding Portal, Form MA, and Form MA-1 in response to the requirements in SEC Final Rule 34-83097, which removes certain personally identifiable information from forms under the Securities Exchange Act of 1934.

For more in­for­ma­tion, see volume II of the EDGAR Filer Manual on the SEC’s Web site.

SEC issues final rule to amend forms and schedules to remove certain personally identifiable information

Apr 25, 2018

The SEC has issued a final rule, “Amendments to Forms and Schedules to Remove Provision of Certain Personally Identifiable Information.”

The final rule would eliminate the portion of the forms under the Securities Exchange Act of 1934 that “requests filers to furnish certain personally identifiable information (‘PII’) of natural persons, including Social Security numbers.

For more in­for­ma­tion, see the final rule on the SEC’s Web site.

SEC proposes rules to enhance investor protection

Apr 19, 2018

The SEC has issued a “package” of proposals that would “enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a variety of types of advice relationships and investment products.”

Specifically, the Commission released the following proposals:

For more information, see the press release and SEC Chairman Jay Clayton’s overview of the rulemaking package on the SEC’s Web site.

Federal Reserve approves proposal to revise regulatory capital rules and offer phase-in approach for CECL

Apr 13, 2018

The Federal Reserve Board has approved the proposal “Regulatory Capital Rules: Implementation and Transition of the Current Expected Credit Losses [CECL] Methodology for Allowances and Related Adjustments to the Regulatory Capital Rules and Conforming Amendments to Other Regulations,” which the Board jointly issued with two other federal agencies (the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation).

According to the Board’s press release, the joint proposal would revise the Board’s “regulatory capital rules to address and provide an option to phase in the regulatory capital effects of the new accounting standard for credit losses.” The proposal “addresses the regulatory capital treatment of credit loss allowances under the CECL methodology and would allow banking organizations to phase in the day-one regulatory capital effects of CECL adoption over three years. The proposal would revise the Board's regulatory capital rules and other rules to take into consideration the new accounting standard.”

Comments on the proposal are due 60 days after the date of its publication in the Federal Register.

For more information, see the proposal on the Federal Reserve Board’s Web site.

CAQ issues publication on cybersecurity

Apr 12, 2018

The Center for Audit Quality (CAQ) has released a publication, “Cybersecurity Risk Management Oversight: A Tool for Board Members.”

This publication “provides questions board members charged with cybersecurity risk oversight can use as they engage in discussions about cybersecurity risks and disclosures with management and CPA firms.”

For more information, see the press release and publication on the CAQ’s Web site.

Highlights of the FASB’s April 11 meeting

Apr 12, 2018

At its April 11, 2018, meeting, the FASB discussed its proposed ASUs (1) “Technical Corrections and Improvements to Topic 942, Financial Services — Depository and Lending: Elimination of Certain Guidance for Bad Debt Reserves of Savings and Loans” and (2) “Codification Improvements.”

Elimination of certain outdated special guidance in ASC 942-740 for bad debt reserves of savings and loans

The Board discussed its June 2017 proposed ASU on this topic and made decisions related to:

  • Guidance on the reserve method of accounting.
  • The Comptroller of the Currency’s Banking Circular 202.
  • Effective date and transition.

The Board directed its staff to begin drafting a final ASU for a vote by written ballot.

For more information, see the tentative Board decisions on the FASB’s Web site.

Codification improvements

The Board discussed its October 2017 proposed ASU on this topic and made decisions related to:

  • Offsetting securities borrowed and loaned transactions.
  • Addressing the measurement of carrying value for other investments.
  • Removing the stable value common collective trust fund from the example in ASC 962-325-55-17.
  • Eliminating three issues from the final ASU.
  • Effective date and transition.

The Board directed its staff to begin drafting a final ASU for a vote by written ballot.

For more information, see the meeting minutes on the FASB’s Web site.

SEC updates Q&As on IFRS XBRL Taxonomy

Apr 06, 2018

The SEC staff released an update clarifying its Q&As on the IFRS XBRL Taxonomy.

Specifically, the clarifications indicate that an IFRS registrant should tag required disclosures that are not addressed by the IFRS XBRL Taxonomy by looking to the 2018 SEC reporting and U.S. GAAP taxonomies.

For more information, see the Q&As on the SEC’s Web site.

FASB discusses disclosures by business entities about government assistance

Apr 06, 2018

At its April 5, 2018, meeting, the FASB discussed the amendments in its proposed ASU “Disclosures by Business Entities About Government Assistance.”

Specifically, the Board directed its staff to further investigate the project’s scope and potential disclosures.

For more information, see the meeting minutes on the FASB’s Web site.

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